Your supervising attorney\'s clients, Jerry and June Stevens, have three childre

Question

Your supervising attorney's clients, Jerry and June Stevens, have three children, Timothy, Thomas, and Tiffany, ages 12, 10, and 2. Jerry is a neurologist who makes over $300,000 a year. June is a real estate broker who makes $80,000 in an average year. They have a home that they purchased in 1967 for $33,000. The home is now worth $625,000. They also own a ski condo in Vail worth approximately $250,000. They have a life insurance policy on Jerry's life of one-million dollars. Retirement accounts total approximately $125,000. Jerry's medical practice, held in the form of a P.C., is worth approximately $400,000. They have not done any estate planning before coming to your supervising attorney.


Discuss the following:

1. What additional information would your attorney need to know before planning the Stevens' estate?

2. What estate planning documents might provide your attorney's clients with the protection they need?

Explanation / Answer

Ans 1 - Additional information required by the attorney before estate planning would be if Stevens' had planned or actually divided the estate among their children.

Ans 2 - Estate planning documents would include Awill or A power of attorney.

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